Axie Infinity Developer Attracts $150M to Reimburse Victims of $625M Hack
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Sky Mavis, the company behind Axie Infinity, has raised $150 million in funding round led by Binance with participation from Animoca Brands, a16z, Dialectic, and Paradigm, to compensate victims of a recent $650 million hack aimed at Ronin Network.

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The company wrote in a press release it will increase the validator group to 21 validators within the next three months. This will be a split between various stakeholders including partners, community members, and long-term allies, Sky Mavis added. The company added:

"The new round, combined with Sky Mavis and Axie balance sheet funds, will ensure that all users are reimbursed."

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Sky Mavis stressed that 56,000 ETH (~$190 million) compromised from the Axie DAO treasury will remain undercollateralized as it is working with law enforcement to recover the funds. If the funds are not fully recovered within two years, then the Axie DAO plans to vote on next steps for the treasury.

"We believe that Axie will go down in history as the first game to imbue players with true digital property rights and recent events have only strengthened this conviction," the company emphasized.

As iHodl earlier reported, a sidechain called Ronin Network suffered a hacker attack in which $625 million in cryptocurrencies were stolen. According to Ronin developers, the hacker managed to steal 173,600 ETH, as well as $25.5 million in the stablecoin USDC.

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